Recycle Your Customers
We all desire consistent and level income for our businesses. This may have been possible when we first started or purchased our businesses. But since then, the business climate has changed dramatically and another generation of buyers is in the market. How we market and how we get returning customers looks different. Adjustments have to be made.
Returning customers are your key to sustainable revenues. If your product or service is predictably replaceable, you’re even better off in predicting when they’ll come back in. As an example, refrigerator filters are good for 6 months. You can count on seeing that customer back in that many months. You can even get one step ahead and ship one to him every six months or send a reminder, or call, or send a coupon and so on. You may also even control when they come in by offering discounts during your low traffic months. People love deals.
Here are 4 key strategies to make consistent revenues (which makes consistent profits easier):
- Develop your customer loyalty plan in detail. What actions will you take to maintain those customers? Share it with your team and provide them all the information (training) they need to succeed.
- Interview your customers and ask them why they buy from you. Select those customers that are most apt to tell you the truth and let them know you want to hear the good and the bad. Use this data to improve your delivery, products and after-sale support.
- When a customer experience goes bad, own up to it. Apologize and make it up to the customer and ask her for her continued loyalty.
- Analyze your revenues and strategize to fill in the slow times with promotional incentives to drive customers in.
Again, repeat-bility of customers is your key to predictable revenues. When you have that working for you, you can then work on obtaining new customers or new products to add to your sustainable income.
Leading Edge Business Strategies, LLC is a consulting firm for small business. Paul Beaudette is the President and has over 30 years of successful business experience managing companies to sustainable profits and leading employees to being productive and aspiring to growth.
“Leadership is a potent combination of strategy and character.” -General Norman Schwarzkokpf